Subject: File No. S7-09-13
From: Mordechai Clapman

Below are my recommendations to protect the interest of crowdfunding and it's ability to stay on course without fraud or deception to enter the this market segment

1.
A crowdfunding platform or intermediary would not be allowed to take equity instead of their fee by the company raising the funds.

2.
A crowdfunding platform would not be allowed to collect a percentage from the investor that would be based on a value at a later date. Rather the fee must be charged upfront.

3.
There should be a registry organized and maintained by the SEC or other government body which would collect every investors investment so that an investor would not be able to go above his/her means by investing the maximum allowed on multiple networks.

4.
The crowdfunding platform or company cannot endorse in anyway that they have "approved or qualified or recommend" any company raising funds on their platform as this would create unfair competition based on compensation and more so create the illusion that an investor may think there is more value in investment more than there should be.

5.
The crowdfunding platform or company should only be allowed to collect a fee from one side of the transaction. That means either from the company offering the investment to the public or the investor who is interested in investing.

6.
Any company that is offering to raise money for themselves must be publicly accessible for all investors to have the opportunity to invest. That means no clubs, or paid to view investment style platforms would therefore be allowed.